Under the hood: The engine driving used car prices

Since the pandemic, used car prices have been rising. Not at the pace of the peak COVID-19 spike spurred by supply chain shocks and increased demand, but still, according to recent data, the average price for a three-year-old vehicle sits a hair above $30,000.

Driving this continued price climb? New car sales.

“Used cars (are) having a COVID hangover,” said Emily Stewart, a senior correspondent at Business Insider. “Before a car can be a used car, it is a new car, and if you think back to the pandemic, we had a lot fewer new cars.”

“Marketplace” host Kai Ryssdal spoke with Stewart about her reporting on how new car sales impact the used car market, and what types of vehicles are landing in used lots.

To hear their full conversation, click the audio player above.